Property values are continually changing.
Over a long enough period of time, property values normally appreciate.
But, in real estate there are no "sure things".
When your property appreciates you have a more valuable asset to borrow against, and you'll realize a greater profit when you sell.
There is a variety of reasons why property values in Topton fluctuate. So, how can you be sure what you're buying right now will appreciate over time?
It's critical that you choose a real estate agent in Topton who recognizes the factors that influence local prices.
Many assume that the economy is the most critical factor impacting real estate appreciation.
Naturally,
interest rates, unemployment, job growth, government programs and a handful of other national factors have a definite impact on your property's value.
However, your property's value and the features that play the most significant role in its appreciation depend on the local Topton economy and housing market.
Access to services - Proximity to work and schools also have a great influence on many home buyers' decisions.
So those communities consistently appreciate, or retain their value consistently, year to year.
Recent sales - Your agent should provide you with reports on the recent home sales in the areas that you're asking about. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have home prices gone up or down over the past 5 to 10 years? Is the neighborhood considered desirable because of its location or affordability?
Local economy - Is there a fair mix of work in an area, or does it rely upon just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
All these play a part.